A representative from a company called rentBits reached out to me over the holiday weekend to let me know about her company and give me some rental data that she thought our readers/clients might like to have:
According to rentBits, a rental search engine for apartments and rental homes, the average rental rates for Boston have seen a slight increase October over September. Collectively, across all bedrooms, the average rental rates has risen from $2483 in September to $2526 in October.
“As demand for rentals begins to increase, and supply remains constant, average rental rates will continue to climb.” says Dan Daugherty, CEO of rentBits. “In Boston, our data shows an increase in rental rates for both Apartments and Single Family Homes.”
In most other cities across the US, rental rates for apartments are seeing a slight decrease for the year. Much of this is due to a decrease in demand. Many renters for apartments are either moving into a single family home rental, moving back in with Family or sharing rooms with friends. This transitional period has put downward pressure on most apartment rental rates.
I’m not sure where they get all of their data but you can check out their site at rentBits.com. Personally, I haven’t seen rental rates rising. In good areas they are down about 5% but in fringe areas we have seen units rent for 10-15% below what we rented the same apartment for last year!
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